Explained: Should I Sell My House With or Without Mortgage?

Explained: Should I Sell My House With or Without Mortgage?

Usually, home selling means clearing off all ongoing loans and preparing the house before listing. This method is what people have been practicing traditionally. So, when they hear about selling properties before making mortgage payments, it leaves them confused. 

However, at Detroit Cash For Homes, we buy houses in Macomb County as-is without paying the mortgage. We have nearly three decades of experience offering faster and fairer home sales. Are you wondering how to sell a house with a mortgage? If yes, our real estate experts can help you. 

  • Selling a house with mortgage payments 

If you want to sell a home with mortgage payments on it, you have two options. Of course, the choice will depend on your specific needs and requirements. 

  • What is home equity?

Equity refers to the cash value you earn by selling your home. It excludes the realtor’s commission, mortgage payments, taxes, and other selling expenses.

In simple words, equity is the profit you earn with a home sale. Therefore, when you sell your home, make sure to determine your equity. In most cases, people do not know they have zero or negative equity until closing the deal. That means they have already spent money on staging, repairs and upgrades, and marketing. 

  • How to sell a property with a mortgage
    1. The first option is selling a house by paying off the mortgage. It is a traditional method that involves preparing and listing the home on the open market. Also, you need to have funds if you take this route. In this, you need to pay 6% commissions to a realtor and undertake costly repairs and renovations. It may take three to six months or more to close the deal. If you want to sell your home fast, it is not an ideal solution.
    2. On the other hand, you can sell your property to a Macomb County estate home buyer before the mortgage. Most homeowners ask: Is it possible to consider a home sale without paying a mortgage? The answer is yes. However, it is crucial to have equity available. There is no point in selling a home if you do not receive enough money to cover mortgage payments. 

      If you choose cash home buyers like Detroit Cash For Homes, you will be offered a fair price. Hence, you can pay off the loan balance while earning the profit. Plus, you can save money on commissions, home improvements, and closing costs. With this, you can sell your home in as fast as seven days. 

In closing 

It is clear that a cash home buyer is the best option for a faster and hassle-free sale. It does not require prior time and money investment. 

If you are searching for one of the best cash home buyers in Macomb County, contact Detroit Cash For Homes. We buy houses in any condition without repairs and renovations.